Expect a rise in gas prices, cautioned an industry analyst on Friday, pointing to OPEC cuts in oil production.
The average price in Pennsylvania has risen 2.7 cents per gallon in the last week, averaging $3.57 per gallon on Friday, according to GasBuddy. According to AAA, McKean County’s average price was $3.766 per gallon, Potter County’s was $3.739, Cameron County’s was $3.766, and Elk County’s was $3.745.
Patrick De Haan, head of petroleum analysis at GasBuddy, said, “With oil prices continuing their climb last week, gasoline prices were pushed higher across much of the country. But, the real headline happened this weekend when OPEC+ members unexpectedly decided to cut over a million barrels per day of oil production, sending oil prices back over $80 per barrel. More significant jumps at the pump are likely coming down the pipeline.”
Right now, prices in Pennsylvania are 3.3 cents per gallon lower than a month ago and stand 69.9 cents per gallon lower than a year ago. The national average price of diesel has fallen 3.7 cents in the last week and stands at $4.16 per gallon, GasBuddy reported. The cheapest station in Pennsylvania was priced at $3.12 per gallon on Thursday while the most expensive was $4.09 per gallon, a difference of 97.0 cents per gallon.
The national average price of gasoline has risen 8.7 cents per gallon in the last week, averaging $3.49 per gallon on Friday. The national average is up 11.3 cents per gallon from a month ago and stands 68.9 cents per gallon lower than a year ago, according to GasBuddy data compiled from more than 11 million weekly price reports covering over 150,000 gas stations across the country.
De Haan continued, “While demand has been somewhat soft this spring, the move to cut oil production ahead of the busiest months for consumption certainly sends a message that OPEC+ countries are aligned in their desire for consumers to pay more. While the initial impact to consumers could be 10 to 20 cents at the pump, there could be further developments in the days or weeks ahead that enhance the impact, especially as motorists prepare for the summer driving season.”
